Plantronics Inc. (PLT) Sees Large Volume Increase
Plantronics Inc. (NYSE:PLT) shares saw unusually-strong trading volume on Thursday . Approximately 140,225 shares traded hands during trading, a decline of 20% from the previous session’s volume of 175,500 shares.The stock last traded at $43.23 and had previously closed at $42.72.
Several research analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Plantronics from a “hold” rating to a “strong-buy” rating and set a $49.00 price target on the stock in a report on Tuesday, May 10th. Raymond James Financial Inc. upgraded shares of Plantronics from an “underperform” rating to a “market perform” rating in a report on Wednesday, May 4th. Finally, JPMorgan Chase & Co. restated a “buy” rating and set a $49.00 price target on shares of Plantronics in a report on Monday, May 2nd.
The company has a 50 day moving average of $43.90 and a 200 day moving average of $40.98. The company has a market cap of $1.38 billion and a price-to-earnings ratio of 21.94.
Plantronics (NYSE:PLT) last issued its quarterly earnings data on Tuesday, May 3rd. The company reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.09. The company earned $209.80 million during the quarter, compared to the consensus estimate of $205.06 million. During the same quarter last year, the company posted $0.72 earnings per share. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities research analysts forecast that Plantronics Inc. will post $3.08 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 10th. Shareholders of record on Friday, May 20th were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, May 18th. This represents a $0.60 annualized dividend and a yield of 1.40%.
In other Plantronics news, insider Joseph B. Burton sold 3,951 shares of the company’s stock in a transaction on Monday, May 9th. The shares were sold at an average price of $42.61, for a total value of $168,352.11. Following the completion of the transaction, the insider now directly owns 75,245 shares in the company, valued at approximately $3,206,189.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian S. Dexheimer sold 2,900 shares of the company’s stock in a transaction on Thursday, May 12th. The stock was sold at an average price of $42.10, for a total transaction of $122,090.00. Following the completion of the transaction, the director now owns 15,545 shares of the company’s stock, valued at $654,444.50. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have modified their holdings of the company. Marshall Wace LLP acquired a new position in shares of Plantronics during the fourth quarter valued at about $2,911,000. Bragg Financial Advisors Inc raised its position in shares of Plantronics by 18.3% in the fourth quarter. Bragg Financial Advisors Inc now owns 49,361 shares of the company’s stock valued at $2,341,000 after buying an additional 7,626 shares during the last quarter. Schroder Investment Management Group acquired a new position in shares of Plantronics during the fourth quarter valued at about $3,201,000. Principal Financial Group Inc. raised its position in shares of Plantronics by 1.0% in the fourth quarter. Principal Financial Group Inc. now owns 530,744 shares of the company’s stock valued at $25,168,000 after buying an additional 5,057 shares during the last quarter. Finally, GSA Capital Partners LLP raised its position in shares of Plantronics by 18.5% in the fourth quarter. GSA Capital Partners LLP now owns 44,993 shares of the company’s stock valued at $2,134,000 after buying an additional 7,033 shares during the last quarter.
Plantronics, Inc (Plantronics) is engaged in the design, manufacture, and distribution of headsets for business and consumer applications, and other specialty products for the hearing impaired. The Company is a global designer, manufacturer, and marketer of lightweight communications headsets, telephone headset systems, other communication endpoints, and accessories for the business and consumer markets under the Plantronics brand.